In this paper, the Fourier-based synchrosqueezing transform (FSST) method is introduced into the power system to realize low frequency oscillation identification. Firstly, the modal components of low frequency oscillation signal are separated by FSST, and calculating the instantaneous parameters including magnitude, frequency and phase of every mode component with Hilbert transform. Then , calculating the damping ration of every modal component based on above parameters and derived the formulas. Thus, it realized effective identification of of modal parameters of low frequency oscillation signal. The experimental results of simulated data and 16-generator system demonstrate the validity and correctness of the FSST method. Comparing with the classical Prony method shows that the FSST method is better in the identification accuracy when the low frequency oscillation signal is polluted by noise. Finally, the effectiveness of the FSST in Actual power grid is verified based on the real data from Sichuan power grid.